Connect with us

Crystal Palace

Crystal Palace shareholder John Textor slams Premier League financial rules

Crystal Palace shareholder John Textor has launched a scathing attack on the Premier League’s new financial regulations.

He has claimed the rules hinder competition and prevent smaller clubs from challenging established powers.

Textor is an American businessman who owns 45% of the Eagles – the largest stake at the club – and voiced his concerns at the FT Business of Football Summit in London. 

The 58-year-old criticised the Profitability and Sustainability Rules (PSR) designed to prevent clubs from exceeding their spending limits.

He highlighted Nottingham Forest’s case. The Tricky Trees were recently sanctioned for breaching PSR last season and face a points deduction, but Textor strongly condemned the decision. 

The Lyon and Botafogo chairman expressed sympathy for Forest owner Evangelos Marinakis. “It’s not right,” he said (via The Times).

“Marinakis has plenty of money to fund his team, but he’s not allowed to. If he spends too much and does what the fans want, somebody comes along and docks him points? That’s not right.”

Textor argued that PSR stifles competition.

“It’s clear that they’re built to make sure that clubs who do not drive significant revenues cannot catch up,” he added.

“We have got three billionaires in our ownership group, maybe more. We’re not allowed to spend at the level of teams that are in the top six.”

Textor questioned the fairness of the PSR limitations, stating: “I’m just saying you cannot have a rule that says somebody who has the money is not allowed to spend it because their club isn’t big enough. Yet how do you get big ever?”

Textor’s comments come amidst growing concerns about the financial gulf between Premier League clubs and how PSR could widen that gap.

There are also worries about the arbitrary nature of the sanctions. Everton were docked ten points for breaching PSR, but the penalty was later reduced to six. The inconsistency in applying sanctions is a cause for concern.

Textor’s arguments raise valid questions about the effectiveness of the current regulations and their potential impact on the future of the Premier League.

More in Crystal Palace